Purchase and Sale Agreement dated effective September 21, 2015



 Exhibit 10.1 
  

 
  

SALE OF CRESCENT COOL SPRINGS APARTMENTS 

200 RESOURCE PARKWAY 

FRANKLIN, TENNESSEE 

*   *   * 

PURCHASE AND SALE AGREEMENT 

BETWEEN 

GGT CRESCENT COOL SPRINGS TN VENTURE, LLC, 

AS SELLER 

AND 

SHLP ACQUISITION, LLC, 

AS PURCHASER 

*   *   * 

EFFECTIVE DATE: SEPTEMBER 21, 2015 

 
  

 








							
	 ARTICLE 1
	 	 PURCHASE AND SALE OF PROPERTY
	  	 	1	  
			
	 1.1
	 	 Land
	  	 	1	  
	 1.2
	 	 Improvements
	  	 	1	  
	 1.3
	 	 Personal Property
	  	 	1	  
	 1.4
	 	 Leases
	  	 	1	  
	 1.5
	 	 Licenses
	  	 	2	  
	 1.6
	 	 Security Deposits
	  	 	2	  
	 1.7
	 	 Guaranties
	  	 	2	  
	 1.8
	 	 Contracts
	  	 	2	  
	 1.9
	 	 Permits
	  	 	2	  
	 1.10
	 	 Intangibles
	  	 	2	  
	 ARTICLE 2
	 	 PURCHASE PRICE AND DEPOSIT
	  	 	2	  
			
	 2.1
	 	 Payment
	  	 	2	  
	 2.2
	 	 Deposit
	  	 	3	  
	 ARTICLE 3
	 	 TITLE AND SURVEY
	  	 	3	  
			
	 3.1
	 	 State of Title to be Conveyed
	  	 	3	  
	 3.2
	 	 Title Commitment and Survey
	  	 	3	  
	 ARTICLE 4
	 	 PROPERTY INFORMATION
	  	 	5	  
			
	 4.1
	 	 Property Information
	  	 	5	  
	 ARTICLE 5
	 	 PURCHASER’S DUE DILIGENCE
	  	 	5	  
			
	 5.1
	 	 Purchaser’s Due Diligence
	  	 	5	  
	 5.2
	 	 As Is, Where Is
	  	 	7	  
	 ARTICLE 6
	 	 REPRESENTATIONS AND WARRANTIES
	  	 	8	  
			
	 6.1
	 	 Seller’s Representations and Warranties
	  	 	8	  
	 6.2
	 	 Purchaser’s Representations and Warranties
	  	 	9	  
	 6.3
	 	 Knowledge
	  	 	10	  
	 6.4
	 	 Survival
	  	 	10	  
	 ARTICLE 7
	 	 COVENANTS OF PURCHASER AND SELLER
	  	 	11	  
			
	 7.1
	 	 Operation of Property
	  	 	11	  
	 7.2
	 	 Governmental Notices
	  	 	12	  
	 7.3
	 	 Litigation
	  	 	12	  
	 7.4
	 	 Tradenames and Service Marks
	  	 	12	  
	 7.5
	 	 Post-Closing Property Maintenance Obligations
	  	 	13	  
	 ARTICLE 8
	 	 CONDITIONS PRECEDENT TO CLOSING
	  	 	14	  
			
	 8.1
	 	 Conditions Precedent to Purchaser’s Obligation to Close
	  	 	14	  
	 8.2
	 	 Conditions Precedent to Seller’s Obligation to Close
	  	 	14	  
	 8.3
	 	 Failure of a Condition
	  	 	14	  
	 8.4
	 	 Representations and Warranties
	  	 	15	  


  
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	 ARTICLE 9
	 	 CLOSING
	  	 	15	  
			
	 9.1
	 	 Closing Date
	  	 	15	  
	 9.2
	 	 Seller’s Obligations at the Closing
	  	 	15	  
	 9.3
	 	 Purchaser’s Obligations at the Closing
	  	 	17	  
	 9.4
	 	 Escrow
	  	 	17	  
	 9.5
	 	 Costs and Adjustments at Closing
	  	 	17	  
	 ARTICLE 10
	 	 DAMAGE AND CONDEMNATION
	  	 	20	  
			
	 10.1
	 	 Damage
	  	 	20	  
	 10.2
	 	 Condemnation and Eminent Domain
	  	 	20	  
	 ARTICLE 11
	 	 REMEDIES AND ADDITIONAL COVENANTS
	  	 	21	  
			
	 11.1
	 	 Seller Default At or Before Closing
	  	 	21	  
	 11.2
	 	 Seller Default From and After Closing
	  	 	21	  
	 11.3
	 	 Purchaser Default
	  	 	22	  
	 11.4
	 	 Delivery of Materials
	  	 	22	  
	 ARTICLE 12
	 	 BROKERAGE COMMISSION
	  	 	22	  
			
	 12.1
	 	 Brokers
	  	 	22	  
	 12.2
	 	 Indemnity
	  	 	22	  
	 ARTICLE 13
	 	 NOTICES
	  	 	23	  
			
	 13.1
	 	 Written Notice
	  	 	23	  
	 13.2
	 	 Method of Transmittal
	  	 	23	  
	 13.3
	 	 Addresses
	  	 	23	  
	 ARTICLE 14
	 	 ASSIGNMENT
	  	 	24	  
			
	 ARTICLE 15
	 	 MISCELLANEOUS
	  	 	25	  
			
	 15.1
	 	 Entire Agreement
	  	 	25	  
	 15.2
	 	 Modifications
	  	 	25	  
	 15.3
	 	 Gender and Number
	  	 	25	  
	 15.4
	 	 Captions
	  	 	25	  
	 15.5
	 	 Successors and Assigns
	  	 	25	  
	 15.6
	 	 Controlling Law
	  	 	25	  
	 15.7
	 	 Exhibits
	  	 	25	  
	 15.8
	 	 No Rule of Construction
	  	 	25	  
	 15.9
	 	 Severability
	  	 	25	  
	 15.10
	 	 Time of Essence
	  	 	25	  
	 15.11
	 	 Business Days
	  	 	25	  
	 15.12
	 	 No Memorandum
	  	 	25	  
	 15.13
	 	 Press Releases
	  	 	26	  


  
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	 15.14
	 	 Attorneys’ Fees and Costs
	  	 	26	  
	 15.15
	 	 Counterparts and Expiration of Offer
	  	 	26	  
	 15.16
	 	 Waiver of Jury Trial
	  	 	26	  
	 15.17
	 	 Confidentiality
	  	 	26	  
	 15.18
	 	 Jurisdiction and Service of Process
	  	 	27	  
	 15.19
	 	 Exculpation
	  	 	27	  


  
 -iii- 








 EXHIBITS AND SCHEDULES

  

			
	Exhibits	 	
		
	Exhibit A –	 	Legal Description
	Exhibit B –	 	Escrow Agreement
	Exhibit C –	 	Form of Special Warranty Deed
	Exhibit D –	 	Form of Bill of Sale
	Exhibit E –	 	Form of Assignment and Assumption Agreement
	Exhibit F –	 	Form of Tenant Notification Letter


			
		
	Schedules	 	
		
	Schedule 1.4    –	 	  Rent Roll
	Schedule 1.5    –	 	  Licenses
	Schedule 1.8    –	 	  Contracts
	Schedule 6.1.3 –	 	  Litigation
	Schedule 6.1.8 –	 	  Violations of Law


  
 -ıv- 








 PURCHASE AND SALE AGREEMENT 

This PURCHASE AND SALE AGREEMENT (this “Agreement”) is made and entered into as of the date set forth on the cover page
hereof (the “Effective Date”), by and between GGT CRESCENT COOL SPRINGS TN VENTURE, LLC, a Delaware limited liability company (“Seller”), and SHLP ACQUISITION, LLC, a Delaware limited liability company
(“Purchaser”). 
 ARTICLE 1 PURCHASE AND SALE OF PROPERTY 

On the terms and conditions stated in this Agreement, Seller hereby agrees to sell to Purchaser and Purchaser hereby agrees to purchase from
Seller all of the following described property (collectively, the “Property”): 
 1.1 Land. Seller’s fee simple
interest in and to all of that certain tract of land situated at 200 Resource Parkway, Franklin, Williamson County, Tennessee, and described more particularly in Exhibit A attached hereto and incorporated herein by reference, together
with all rights and appurtenances pertaining to such land, including, without limitation, all of Seller’s right, title and interest in and to (i) all minerals, oil, gas, and other hydrocarbon substances thereon; (ii) all adjacent
strips, streets, roads, alleys and rights-of-way, public or private, open or proposed; (iii) all development rights, covenants, easements, privileges, and hereditaments, whether or not of record, and (iv) all access, air, water, riparian,
development, utility, and solar rights (collectively, the “Land”). 
 1.2 Improvements. A 252-unit multi-family
apartment project, and all other fixtures, improvements and structures constructed on the Land in connection therewith (the “Improvements”). 

1.3 Personal Property. All of Seller’s right, title and interest in and to all equipment, machinery, furniture, furnishings,
supplies and other tangible personal property owned by Seller now or hereafter located in and used exclusively in connection with the operation, ownership or management of the Land and Improvements including the following (collectively, the
“Personal Property”; provided, the “Personal Property” shall specifically exclude any property owned by tenants under leases): 

1.3.1 mechanical systems, fixtures, machinery and equipment comprising a part of or attached to or located upon the Improvements; 

1.3.2 maintenance equipment and tools, if any, owned by Seller and used exclusively in connection with, and located in or on, the
Improvements; 
 1.3.3 site plans, surveys, plans and specifications and floor plans in Seller’s possession, if any, that relate to the
Land or Improvements; and 
 1.3.4 other tangible personal property owned by Seller and used exclusively in connection with, and located in
or on, the Land or Improvements as of the Effective Date and as of the Closing (as hereinafter defined), including the tangible personal property described in Schedule 1.3 attached hereto and incorporated by this reference. 

1.4 Leases. Seller’s right, title and interest in all leases with tenants or other persons or entities leasing all or any portion
of the Improvements (the “Leases”), a current list of which is shown on the rent roll attached as Schedule 1.4. 

  
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 1.5 Licenses. Seller’s right, title and interest in all licenses, license agreements
and other similar agreements with licensees or other persons or entities using any portion of the Improvements (collectively, the “Licenses”), a current list of which is attached hereto as Schedule 1.5. 

1.6 Security Deposits. Seller’s right, title and interest in all security deposits held by Seller in connection with the Leases
and not applied pursuant to the terms thereof and in accordance with the terms of this Agreement. 
 1.7 Guaranties. Seller’s
right, title and interest in any and all guaranties of the Leases, if any. 
 1.8 Contracts. Subject to
Section 7.1.2 hereof, Seller’s right, title and interest in all contract rights related to the Land, Improvements, Personal Property or Leases that will remain in existence after Closing, to the extent assignable, including, without
limitation, Seller’s interest in the following: parking, management, maintenance, commission, architectural, supply or service contracts, plans and specifications, surveys, warranties and guarantees related to the Land, Improvements, Personal
Property, or Leases, but expressly excluding (i) the existing property management agreement that will be terminated as of the time of Closing, and (ii) the surety and maintenance bonds and letters of credit referred to in
Section 7.5 (collectively, the “Contracts”), a current list of which is attached hereto as Schedule 1.8. 

1.9 Permits. Seller’s right, title and interest in all permits, licenses, certificates of occupancy, if any, entitlements and
governmental approvals that relate to the Land, Improvements, Personal Property, Leases, or Contracts, to the extent assignable (collectively, the “Permits”). 

1.10 Intangibles. Intangibles. Seller’s right, title and interest, if any, in and to the following items, to the extent
assignable and without warranty: consents, licenses, approvals, certificates, development rights, warranties (including, but not limited to, all assignable termite warranties and bonds and all assignable roof warranties), resident and tenant files
for current residents and tenants, if any and to the extent owned by Seller and assignable, any telephone numbers and facsimile numbers associated with the Improvements; the plans and specifications and other architectural and engineering drawings
for the Improvements; all assignable warranties or contract rights related to the construction, operation, ownership or management of the Land and Improvements; tenant lists and correspondence and all records and files pertaining thereto; and any
other goodwill and intangible interests of Seller associated therewith; but expressly excluding (i) any name or trademark containing the phrase “Crescent”, or any variation or derivative thereof, relating to the Land, the Improvements
and/or Personal Property; and (ii) any web sites, web content, web design, links, Internet domain names, manuals and instruction materials, marketing materials relating to the Land, the Improvements and/or Personal Property (collectively, the
“Intangibles”). 
 ARTICLE 2 PURCHASE PRICE AND DEPOSIT 

2.1 Payment. The purchase price for the Property (the “Purchase Price”) is Sixty Million and 00/100 Dollars
($60,000,000.00). The cash due at Closing on account of the Purchase Price shall be subject to adjustment as set forth in this Agreement. The Purchase Price shall be paid by wire transfer of immediately available funds at the Closing. Seller and
Purchaser shall mutually agree, each acting in good faith, on the allocation of the Purchase Price among the Land, Personal Property and Improvements prior to the Study Period (as hereinafter defined). Such
agreed-upon allocation shall be used solely for transfer, sales and similar tax purposes and in any declaration or filing with any governmental authority in connection with the same. The allocation of the
Purchase Price for all other purposes, whether for local, state or federal taxes or otherwise, shall not be restricted by this Agreement and shall not require the consent of the other party. 

  
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 2.2 Deposit. 

2.2.1 Within two (2) Business Days following the Effective Date, Purchaser shall deposit with First American Title Insurance Company,
National Commercial Services in Atlanta, Georgia, Attention: Terry W. Wilson, Senior Escrow Officer (the “Escrow Agent” or “Title Company”), by bank wire transfer the sum of Five Hundred Thousand and 00/100 Dollars
($500,000.00), as an earnest money deposit to assure Purchaser’s performance hereunder (together with all interest thereon if any, the “Initial Deposit”). Prior to making the Initial Deposit, Seller, Purchaser and the Escrow
Agent shall enter into an escrow agreement substantially in the form of Exhibit B attached hereto (the “Escrow Agreement”). So long as Purchaser does not terminate this Agreement as provided in Section 5.1.4, then
no later than one (1) Business Day following the expiration of the Study Period, Purchaser shall deposit with the Escrow Agent by bank wire transfer the additional sum of Five Hundred Thousand and 00/100 Dollars ($500,000.00) (the
“Second Deposit”), as a non-refundable deposit (except as otherwise provided herein) to assure Purchaser’s performance hereunder. The Initial Deposit and the Second Deposit, in the total amount of One Million and 00/100 Dollars
($1,000,000.00), together with all interest thereon, if any, are referred to collectively as the “Deposit.” 
 2.2.2 Escrow
Agent shall place the Initial Deposit and the Second Deposit (if made) in an interest-bearing escrow account at a federally-insured (to the extent of the FDIC limits) commercial bank acceptable to both Seller and Purchaser. The Escrow Agent shall
hold the Deposit in accordance with this Agreement and the Escrow Agreement. At Closing (as hereinafter defined), Escrow Agent shall deliver the Deposit to Seller and credit the Deposit against the Purchase Price. 

ARTICLE 3 TITLE AND SURVEY 

3.1 State of Title to be Conveyed. Title to the Property shall be conveyed to Purchaser at Closing in fee simple by Special Warranty
Deed, free and clear of any and all liens, mortgages, deeds of trust, security interests and other encumbrances, except for the following (collectively, the “Permitted Exceptions”): (i) real property taxes and assessments
attributable to the Property for the year in which Closing occurs and thereafter, not yet due and payable; (ii) zoning and other regulatory laws and ordinances affecting the Property; (iii) any easement, right of way, limitation,
encroachment, conflict, discrepancy, overlapping of improvements, protrusion, lien, encumbrance, restriction, condition, covenant, exception or other matter with respect to the Property that is reflected or addressed on the Survey or the Title
Commitment to which Purchaser fails to timely object pursuant to Section 3.2.3 or 3.2.4 of this Agreement; (iv) any Purchaser’s Objection (as hereinafter defined) that remains uncured, for whatever reason, at Closing
hereunder, and (v) the rights and interests of parties claiming under the Leases, as tenants only under unrecorded leases, with no options to purchase and no rights of first refusal. 

3.2 Title Commitment and Survey. 

3.2.1 Seller shall obtain a title commitment (the “Title Commitment”) for an ALTA owner’s policy of title insurance (on
the current ALTA 2006 Form) in the amount of the Purchase Price with respect to the Property issued by the Title Company. Seller shall deliver copies of the Title Commitment and all items listed as title exceptions therein (to the extent provided to
Seller by the Title Company) to Purchaser within ten (10) days after the Effective Date. 
 3.2.2 Purchaser may obtain, at
Purchaser’s sole cost and expense, a survey of the Property (certified to include Seller) prepared by a licensed surveyor (the “Survey”). Purchaser shall deliver a copy of the Survey to Seller and the Title Company within three
(3) days after Purchaser’s receipt of the Survey. 
 3.2.3 If (i) the Survey shows any easement, right-of-way, encroachment,
conflict, protrusion or other matter that is unacceptable to Purchaser, or (ii) any exceptions appear in the Title 

  
 3 








 
Commitment that are unacceptable to Purchaser, Purchaser shall, no later than September 21, 2015, notify Seller in writing of such matters (“Purchaser’s Objections”).
Except for Purchaser’s Objections that are timely raised pursuant to the preceding sentence or pursuant to Section 3.2.4, Purchaser shall be deemed to have accepted the form and substance of the Survey, all matters shown thereon, and all
exceptions to the Title Commitment and other items shown thereon. Within six (6) days after Seller’s receipt of Purchaser’s Objections, Seller shall notify Purchaser in writing of the Purchaser’s Objections, if any, which Seller
elects to attempt to cure at or prior to Closing. Seller’s failure to provide such a notice will be deemed an election by Seller not to cure any Purchaser’s Objections. If Seller is unable or unwilling to eliminate or modify all of
Purchaser’s Objections to the sole satisfaction of Purchaser, Purchaser may (as its sole and exclusive remedy) terminate this Agreement by delivering written notice to Seller by the earlier to occur of (i) 5:00 p.m. (Eastern time) on the
last day of the Study Period or (ii) five (5) days after Seller’s written notice (or deemed notice) to Purchaser of Seller’s intent to not cure one or more of such Purchaser’s Objections; in which event, the Deposit will be
returned to Purchaser, and neither party shall have any rights or obligations under this Agreement (other than any obligations of either party that expressly survive termination). 

3.2.4 If any revision or update to the Survey or any supplemental title commitment or update issued subsequent to the date of the original
Title Commitment discloses any matters not set forth on the original Survey or the original Title Commitment, then, no later than the later of (i) the expiration of the Study Period, or (ii) five (5) days after Purchaser’s
receipt of the updated Survey, or (iii) five (5) days after Purchaser’s receipt of the supplemented or updated Title Commitment, as applicable, Purchaser shall have the right to object to any such matter, in which event the same
procedures for response, termination and waiver set forth above shall apply to such new Purchaser’s Objections. Notwithstanding the foregoing, in the event that any such matter not set forth on the original Survey or the original Title
Commitment is the result of an intentional act of Seller after the Effective Date that is not otherwise permitted under this Agreement, then Purchaser shall be permitted to pursue the remedies provided in Section 11.1 hereof. 

3.2.5 Notwithstanding anything contained herein to the contrary, Seller shall be obligated at Closing to discharge and remove, at
Seller’s sole cost and expense: (i) any mortgage, deed to secure debt, deed of trust, security interest or similar security instrument encumbering all or any part of the Property, if any, that was created or entered into by Seller or any
party claiming by, through or under Seller; (ii) any mechanic’s, materialman’s or similar lien affecting or encumbering the Property as a result of the action(s) or grossly negligent or willful omission(s) of Seller or the action(s)
or grossly negligent or willful omission(s) of any party claiming by, through or under Seller, which, if disputed and not yet resolved, may be bonded over by Seller in compliance with a statutory bonding procedure that has the legal effect of
removing the item as a lien on the Property, but expressly excluding any such lien resulting from any act or omission of Purchaser or any of its agents, contractors, representatives or employees, or any tenant of the Property and with the
understanding that if such lien is disputed and not yet resolved, that same may be bonded over by Seller in compliance with a statutory bonding procedure that has the legal effect of removing the item as a lien on the Property in lieu of satisfying
same; (iii) the lien of ad valorem real or personal property taxes, assessments and governmental charges affecting all or any portion of the Property which are delinquent; and (iv) any judgment lien of record against Seller in Williamson
County, Tennessee (with the understanding that if such judgment lien is disputed and not yet resolved, that same may be bonded over by Seller in compliance with a statutory bonding procedure that has the legal effect of removing the item as a lien
on the Property in lieu of satisfying same). Purchaser and Seller agree that such mortgages, liens, judgments or other encumbrances, if any, may be paid out of the cash consideration to be paid by Purchaser at Closing. 

  
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 ARTICLE 4 PROPERTY INFORMATION 

4.1 Property Information. Prior to the Effective Date, Seller has made available to Purchaser, either at the property management office
at the Property or via a due diligence website, certain materials which pertain to the Property. All materials pertaining to the Property that have been made available to Purchaser on the due diligence website or at the property management office on
or before the Effective Date are hereinafter collectively referred to as the “Property Information”. Purchaser shall keep such Property Information confidential, subject to Purchaser’s right to disseminate Property Information
to or among the parties listed in Section 15.17 of this Agreement, and subject to the restrictions set forth in Section 15.17. Seller makes no representation or warranty as to the truth or accuracy of the Property Information
provided to Purchaser, except as otherwise expressly provided in this Agreement. 
 ARTICLE 5 PURCHASER’S DUE DILIGENCE 

5.1 Purchaser’s Due Diligence 

5.1.1 Subject to the provisions of this Section, Purchaser and its agents, employees, consultants, inspectors, appraisers, engineers and
contractors (collectively “Purchaser’s Representatives”) shall have the right, through the Closing Date, from time to time, upon the advance notice required pursuant to this Section 5.1, to enter upon and pass
through the Property during normal business hours to examine and inspect the same. Notwithstanding any such inspection, or anything to the contrary contained herein, other than Purchaser’s right to terminate this Agreement pursuant to
Section 5.1.4, Purchaser’s obligations hereunder shall not be limited or otherwise affected as a result of any fact, circumstance or other matter of any kind discovered following the date hereof in connection with any such
inspection, access or otherwise; it being agreed that Seller is permitting Purchaser such right of inspection and access as a courtesy to Purchaser in its preparation for taking title to the Property. 

5.1.2 In conducting any inspection of the Property or otherwise accessing the Property, Purchaser shall at all times comply with all laws and
regulations of all applicable governmental authorities, and neither Purchaser nor any of Purchaser’s Representatives shall (i) contact or have any discussions with any of Seller’s employees, agents or representatives, or with any
tenants (including, without limitation, having any contacts whatsoever with tenants, including but not limited to telephone conversations or electronic mail messages) at, or contractors providing services to, the Property, unless in each case
Purchaser obtains the prior written consent of Seller (which may be given via electronic mail), it being agreed that all such contacts or discussions shall, pending any such approval, be directed to Willis W. Chapman via electronic mail (at
WChapman@crescentcommunities.com) and Darren Pierce via electronic mail at DPierce@crescentcommunities.com), (ii) interfere with the business of Seller conducted at the Property or disturb the use or occupancy of any tenant or
occupant of the Property or (iii) damage the Property. In conducting any inspection of the Property or otherwise accessing the Property, Purchaser and Purchaser’s Representatives shall at all times comply with, and shall be subject to, the
rights of the tenants under the Leases (and any persons claiming by, under or through such tenants). Seller may from time to time establish reasonable rules of conduct for Purchaser and Purchaser’s Representatives in furtherance of the
foregoing, and Purchaser shall comply with all of Seller’s requirements regarding entry upon the Property. Purchaser shall schedule and coordinate all inspections, including, without limitation, any environmental tests, and other access with
Seller and shall give Seller at least two (2) Business Days’ prior notice thereof. Seller shall be entitled to have a representative present at all times during each such inspection or other access. Purchaser agrees to pay to Seller on
demand the cost of repairing and restoring any damage or disturbance which Purchaser or Purchaser’s Representatives shall cause to the Property. All inspection fees, appraisal fees, engineering fees and other costs and expenses of any kind
incurred by Purchaser or Purchaser’s Representatives relating to such inspection and its other access shall be at the sole expense of Purchaser. Purchaser shall keep all information obtained during its inspections and access to the Property
confidential. 

  
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If the Closing shall not occur for any reason whatsoever, Purchaser shall: (A) if requested by Seller, and upon receipt of the reimbursement of the costs therefor, promptly deliver to Seller
without representation or warranty of any kind, express or implied, the originals of all third party tests, reports and inspections of the Property, made and conducted by Purchaser or Purchaser’s Representatives or for Purchaser’s benefit,
that are in the possession or control of Purchaser or Purchaser’s Representatives; (B) promptly return to Seller copies of all due diligence materials delivered by Seller to Purchaser; and (C) promptly destroy all copies and abstracts
of the materials referenced in (A) and (B) above. Purchaser and Purchaser’s Representatives shall not be permitted to conduct borings of the Property or drilling in or on the Property, or any other invasive, intrusive or destructive
testing in connection with the preparation of an environmental audit or in connection with any other inspection of the Property without the prior written consent of Seller, which shall not be unreasonably withheld (and, if such consent is given,
Purchaser shall be obligated to pay to Seller on demand the cost of repairing and restoring any damage as aforesaid). This Section 5.1.2 shall survive the Closing or any termination of this Agreement. 

5.1.3 Prior to conducting any physical inspection or testing at the Property, Purchaser and Purchaser’s Representatives shall obtain, and
during the period of such inspection or testing shall maintain, at their expense: (i) commercial general liability (“CGL”) insurance, issued on a form at least as broad as Insurance Services Office (“ISO”)
Commercial General Liability Coverage “occurrence” form CG 00 01 10 01 or another “occurrence” form providing equivalent coverage, including contractual liability and personal injury liability coverage, with limits of not less
than Two Million Dollars ($2,000,000) for any one occurrence and Five Million Dollars ($5,000,000) in the aggregate; (ii) comprehensive automobile liability insurance (covering any automobiles owned or operated by Purchaser or Purchaser’s
Representatives) issued on a form at least as broad as ISO Business Auto Coverage form CA 00 01 07 97 or other form providing equivalent coverage; (iii) worker’s compensation insurance or participation in a monopolistic state workers’
compensation fund, and (iv) employer’s liability insurance or (in a monopolistic state) Stop Gap Liability insurance. Such automobile liability insurance shall be in an amount not less than One Million Dollars ($1,000,000) for each
accident. Such worker’s compensation insurance shall carry minimum limits as defined by the law of the jurisdiction in which the Property is located (as the same may be amended from time to time). Such employer’s liability insurance shall
be in an amount not less than One Million Dollars ($1,000,000) for each accident, One Million Dollars ($1,000,000) disease-policy limit, and One Million Dollars ($1,000,000) disease-each employee. Seller, and its property manager, shall be covered
as additional insureds on the CGL and automobile liability insurance policies with respect to liability arising out of the named insured’s acts or omissions relating to the Property. The insurer and the terms and conditions of all the foregoing
policies shall be acceptable to Seller. Prior to making any entry upon the Property, Purchaser shall furnish to Seller a certificate of insurance evidencing the foregoing coverages, which certificate of insurance shall be in form and substance
satisfactory to Seller. 
 5.1.4 Purchaser shall have until 5:00 p.m. (Eastern time) on September 28, 2015 (the “Study
Period”) within which to determine for any reason or no reason, in its sole discretion, whether all matters related to the Property are satisfactory to Purchaser. If Purchaser, in its sole discretion, determines that the purchase of the
Property is not feasible and/or that Purchaser does not desire to proceed with the transactions contemplated under this Agreement, then Purchaser shall deliver to Seller, prior to the expiration of the Study Period, written notice that Purchaser
does not desire to proceed with the transactions contemplated under this Agreement and in such case, this Agreement shall terminate upon Seller’s receipt of such notice, except for those matters which are indicated herein as surviving
termination, and the Deposit shall be immediately returned to Purchaser. If Purchaser fails to timely notify Seller prior to the expiration of the Study Period (with time being of the essence) that Purchaser does not desire to proceed with the
transactions contemplated under this Agreement as aforesaid, then Purchaser shall be deemed to have waived its right to terminate this Agreement under this Section 5.1.4. 

5.1.5 Purchaser hereby agrees to indemnify, defend, and hold harmless Seller, its partners, members, affiliates, property manager, and their
respective officers, directors, agents, employees, and representatives (collectively, the “Indemnified Parties”) from and against any and all liens, claims, or damages of any kind or nature, including any demands, actions or causes
of action, assessments, losses, costs, expenses, liabilities, interest and penalties, and reasonable attorneys’ fees suffered, incurred, or sustained by any of the Indemnified Parties directly caused by Purchaser or Purchaser’s
Representatives with respect to any due-diligence activities at the Property pursuant to this Agreement, except any arising from the discovery of preexisting conditions (so long as Purchaser does not exacerbate any such condition). This
Section 5.1.5 shall survive the Closing or any termination of this Agreement. 

  
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 5.2 As Is, Where Is. 

5.2.1 Except as provided in the express representations and warranties of Seller set forth in Sections 6.1 and 12 of this
Agreement and in Seller’s Special Warranty Deed and the Bill of Sale (all as hereinafter defined) (collectively, the “Express Representations”), Seller does not, by the execution and delivery of this Agreement, and Seller shall
not, by the execution and delivery of any document or instrument executed and delivered in connection with the Closing, make any representation or warranty, express or implied, of any kind or nature whatsoever, with respect to the Property, and all
such warranties are hereby disclaimed. 
 5.2.2 Without limiting the generality of the foregoing, other than the Express Representations,
Seller makes, and shall make, no express or implied warranty as to matters of title, zoning, acreage, tax consequences, physical or environmental condition (including, without limitation, laws, rules, regulations, orders and requirements pertaining
to the use, handling, generation, treatment, storage or disposal of any toxic or hazardous waste or toxic, hazardous or regulated substance), valuation, governmental approvals, governmental regulations or any other matter or thing relating to or
affecting the Property (collectively, the “Disclaimed Matters”). 
 5.2.3 Notwithstanding anything to the contrary set
forth in this Agreement, but subject to the Express Representations and Seller’s obligations set forth in Section 7.1 of this Agreement, and subject to Article 10 hereof, the Property, including without limitation the
roofs, all structural components, all heating, ventilating, air conditioning, mechanical, plumbing, and electrical systems, fire and life safety and all other parts of the Improvements constituting a portion of the Property, shall be conveyed to
Purchaser, and Purchaser shall accept same, in their “AS IS” “WHERE IS” condition on the Closing Date, “WITH ALL FAULTS” and “SUBJECT TO ALL DEFECTS.” Purchaser acknowledges that Seller’s willingness to
sell the Property to Purchaser at the Purchase Price has been induced, in part, by the agreement of Purchaser to purchase the Improvements and the Personal Property in such “AS IS” condition. Purchaser hereby acknowledges, represents and
warrants that it is not in a disparate bargaining position with respect to Seller in connection with the transaction contemplated hereby, that Purchaser freely and fairly agreed to the waivers and conditions of this Section 5.2 as part
of the negotiations of this Agreement, and Purchaser has been represented by adequate legal counsel in connection herewith and has conferred with such legal counsel concerning the waivers and other conditions of this Section 5.2. 

5.2.4 Without in any way limiting any provision of this Section 5.2, Purchaser specifically acknowledges and agrees that, except
with respect to the Express Representations and the obligations of Seller set forth in Section 7.1 of this Agreement, and subject to Article 10 hereof, in the event Purchaser does not elect to terminate this Agreement prior to the
expiration of the Study Period, Purchaser shall be deemed to waive, release and discharge any claim it has, might have had or may have against Seller with respect to (i) the Disclaimed Matters, (ii) the condition of the Property as of the
Closing Date, (iii) the past, present or future condition or compliance of the Property with regard to any environmental protection, pollution control or land use laws, rules, regulations, orders or requirements, including, without limitation,


  
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CERCLA (as hereinafter defined), or (iv) any other state of facts that exists with respect to the Property. The waiver, release and discharge set forth in this Section 5.2.4
shall survive the Closing or any termination of this Agreement. 
 ARTICLE 6 REPRESENTATIONS AND WARRANTIES 

6.1 Seller’s Representations and Warranties. Seller represents to Purchaser as of the Effective Date as follows: 

6.1.1 Organization. Seller is a Delaware limited liability company, duly formed and validly existing under the laws of the State of
Delaware and in good standing under the laws of the State of Tennessee. 
 6.1.2 Authority/Consent. Seller possesses all requisite
power and authority, and has taken all actions required by its organizational documents and applicable law, to execute and deliver this Agreement and to do all things required of it under this Agreement and will by Closing have taken all actions
required by its organizational documents and applicable law, to consummate the transactions contemplated by this Agreement. 
 6.1.3
Litigation. To Seller’s knowledge, except as may be disclosed on Schedule 6.1.3 attached hereto, no action, suit or other proceeding (including, but not limited to, any condemnation action or real estate tax appeal) is
pending or, to Seller’s knowledge, has been threatened in writing that concerns or involves the Property or Seller’s right to transfer the Property. 

6.1.4 Bankruptcy. No bankruptcy, insolvency, reorganization or similar action or proceeding, whether voluntary or involuntary, is
pending, or, to Seller’s knowledge, threatened, against Seller. 
 6.1.5 Contracts. Except for the Contracts referenced on
Schedule 1.8, there are no current contracts of construction, employment, parking, maintenance, commission, management, service, or supply in effect and entered into by Seller which will affect the Property after Closing. Seller has
provided Purchaser with true, correct and complete copies, in all material respects, of all Contracts, including all amendments and modifications thereof, prior to the execution of this Agreement by Purchaser and Seller. 

6.1.6 Employees. Seller has no employees. Purchaser is not obligated to continue the employment of any of Seller’s property
manager’s employees and has no obligation or liability whatsoever to any of Seller’s property manager’s employees under any agreements between Seller or Seller’s agent or property manager and its employees. 

6.1.7 Leases. To Seller’s knowledge, the Rent Roll attached hereto as Schedule 1.4 (the “Rent Roll”) and
incorporated herein by this reference is true, correct and complete in all material respects as of the date set forth therein. Except for (i) the Leases referenced on the Rent Roll, (ii) the Licenses referenced on Schedule 1.5, and
(iii) the leases, amendments or other occupancy agreements which may be entered into by Seller pursuant to Section 7.1 of this Agreement, there are no leases, rental agreements, licenses, license agreements or other occupancy
agreements with anyone in effect which will affect the Property after Closing. To Seller’s knowledge, each Lease is in full force and effect. Seller will provide Purchaser with true, correct and complete copies of all Leases, including all
amendments and modifications thereto, as part of the Property Information. 
 6.1.8 Violations of Law. Except as set forth on
Schedule 6.1.8, Seller has not received written notice from any governmental authority of any material violation of any federal or municipal laws, 

  
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ordinances, orders, regulations and requirements affecting the Property or any portion thereof (including the conduct of business operations thereon) which are unresolved, including without
limitation the Fair Housing Act and the American with Disabilities Act, environmental matters, building, land use or zoning codes, or Seller’s use of the Property. 

6.1.9 Foreign Person. Seller is not a “foreign person,” “foreign trust” or “foreign corporation” within
the meaning of the United States Foreign Investment in Real Property Tax Act of 1980 and the Internal Revenue Code of 1986, as subsequently amended (the “Code”). 

6.1.10 No Conflicts. The execution and delivery of this Agreement by Seller and the consummation by Seller of the transactions
contemplated hereby will not: (i) violate any judgment, order, injunction, or decree to which Seller or the Property is subject, or (ii) conflict with, result in a breach of, or constitute a default under the organic documents of Seller or
any lease, mortgage, loan agreement, covenant, or other agreement or instrument to which Seller is a party or by which Seller or the Property may be bound. 

6.1.11 Prohibited Transaction. Neither Seller nor any person, group, entity or nation that Seller is acting, directly or indirectly
for, or on behalf of, is named by any Executive Order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism) or the United States
Treasury Department as a terrorist, “Specially Designated National and Blocked Person,” or is otherwise a banned or blocked person, group, entity, or nation pursuant to any Law that is enforced or administered by the Office of Foreign
Assets Control, and Seller is not engaging in the transactions contemplated by this Agreement, directly or indirectly, on behalf of, or instigating or facilitating the transactions contemplated by this Agreement, directly or indirectly, on behalf
of, any such person, group, entity or nation. Seller is not engaging in the transactions contemplated by this Agreement, directly or indirectly, in violation of any laws relating to drug trafficking, money laundering or predicate crimes to money
laundering. None of the funds of Seller have been or will be derived from any unlawful activity with the result that the investment of direct or indirect equity owners in Seller is prohibited by law or that the transactions contemplated by this
Agreement or this Agreement is or will be in violation of applicable law. Seller has and will continue to implement procedures, and has consistently and will continue to consistently apply those procedures, to ensure the foregoing representations
and warranties remain true and correct at all times prior to Closing. 
 6.1.12 Environmental. (i) Seller has received no
written notice from any governmental authority asserting any violation of, and to Seller’s knowledge there is no violation of, Environmental Laws related to the Property which has not been cured or corrected as of the Effective Date, and
(ii) to Seller’s knowledge, other than the environmental reports previously delivered to Purchaser, Seller has not commissioned any study relating to the presence or absence of Hazardous Materials on the Property. The term
“Environmental Laws” includes without limitation the Resource Conservation and Recovery Act and the Comprehensive Environmental Response, Compensation, and Liability Act and other federal laws governing the environment as in effect
on the date of this Agreement together with their implementing regulations as of the date of this Agreement applicable to the Property, and all applicable state, regional, county, municipal and other local laws, regulations and ordinances that are
equivalent or similar to the federal laws recited above or that purport to regulate hazardous or toxic substances and materials. The term “Hazardous Materials” includes petroleum (including crude oil or any fraction thereof) and any
substance, material, waste, pollutant or contaminant listed or defined as hazardous or toxic under any Environmental Laws, in any case at levels or concentrations requiring monitoring, reporting, remediation or removal in accordance with
Environmental Laws. 
 6.2 Purchaser’s Representations and Warranties. Purchaser represents to Seller, as of the Effective Date,
as follows: 
 6.2.1 Organization. Purchaser is a limited liability company, duly formed, validly existing and in good standing under
the laws of the State of Delaware, and, prior to Closing shall be qualified to do business in the State of Tennessee. 

  
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 6.2.2 Authority/Consent. Purchaser possesses all requisite power and authority, has taken
all actions required by its organizational documents and applicable law, and has obtained all necessary consents, to execute and deliver this Agreement and will by Closing have taken all actions required by its organizational documents and
applicable law, to consummate the transactions contemplated in this Agreement. 
 6.2.3 Prohibited Transaction. Neither Purchaser nor
any person, group, entity or nation that Purchaser is acting, directly or indirectly for, or on behalf of, is named by any Executive Order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions With
Persons Who Commit, Threaten to Commit, or Support Terrorism) or the United States Treasury Department as a terrorist, “Specially Designated National and Blocked Person,” or is otherwise a banned or blocked person, group, entity, or nation
pursuant to any Law that is enforced or administered by the Office of Foreign Assets Control, and Purchaser is not engaging in the transactions contemplated by this Agreement, directly or indirectly, on behalf of, or instigating or facilitating the
transactions contemplated by this Agreement, directly or indirectly, on behalf of, any such person, group, entity or nation. Purchaser is not engaging in the transactions contemplated by this Agreement, directly or indirectly, in violation of any
laws relating to drug trafficking, money laundering or predicate crimes to money laundering. None of the funds of Purchaser have been or will be derived from any unlawful activity with the result that the investment of direct or indirect equity
owners in Purchaser is prohibited by law or that the transactions contemplated by this Agreement or this Agreement is or will be in violation of applicable law. Purchaser has and will continue to implement procedures, and has consistently and will
continue to consistently apply those procedures, to ensure the foregoing representations and warranties remain true and correct at all times prior to Closing. 

6.2.4 ERISA. Purchaser is not an employee pension benefit plan subject to the provisions of Title IV of the Employee Retirement Income
Security Act of 1974, as in effect from time to time (“ERISA”) or subject to the minimum funding standards under Part 3, Subtitle B, Title I of ERISA or Section 412 of the Code or Section 302 of ERISA, and none of its
assets constitutes or will constitute assets of any such employee benefit plan subject to Part 4, Subtitle B, Title I of ERISA. Purchaser is not a “governmental plan” within the meaning of Section 3(32) of ERISA and the funds used by
Purchaser to acquire the Interest are not subject to any state statutes regulating investments of and fiduciary obligations with respect to governmental plans. The transactions contemplated by this Agreement are not specifically excluded by Part
I(b) of PTE 84-14. 
 6.3 Knowledge. For purposes of this Agreement, the phrase “to Seller’s knowledge” means the
present, actual knowledge of Brian J. Natwick (the “Seller Knowledge Individual”), the person in the primary position of responsibility with respect to the Property, without investigation or review of files relating to the Property.
In no event shall the Seller Knowledge Individual have any personal liability hereunder. 
 6.4 Survival. All of the representations
and warranties set forth in this Article 6 shall survive the Closing for a period of one hundred eighty (180) days, subject to the provisions of Section 11.1 of this Agreement (the “Survival Period”). Purchaser
shall provide Seller with written notice (a “Notice of Breach”) of any alleged breach or failure of any representation or warranty made by Seller and specifying the nature thereof within five (5) Business Days after
Purchaser’s discovery of such alleged breach or failure. Purchaser shall commence any action, suit, or proceeding with respect to any breach or failure that is the subject of the Notice of Breach, if at all (as provided below), on or before the
date that is sixty (60) days after the expiration of the Survival Period (“Suit Deadline”). Seller acknowledges and agrees that the resolution 

  
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of such action, suit, or proceeding may not occur until after the expiration of the Survival Period, and the Survival Period shall be deemed to be tolled with respect to (and only with respect
to) any alleged breach or failure of a representation or warranty of which Seller receives a Notice of Breach before the expiration of the Survival Period, provided Purchaser files an action, suit, or proceeding, and serves Seller, with respect
thereto prior to the Suit Deadline. Notwithstanding the foregoing to the contrary, Seller shall have no liability in connection with this Agreement by reason of any inaccuracy of a representation or warranty if, and to the extent that, such
inaccuracy is disclosed to Purchaser or otherwise included in the Property Information at the time of the Closing and Purchaser elects, nevertheless, to consummate the transaction contemplated hereby.  

ARTICLE 7 COVENANTS OF PURCHASER AND SELLER 

7.1 Operation of Property. From the Effective Date until the earlier of (i) the termination of this Agreement, and
(ii) Closing, Seller shall operate the Property in accordance with the terms of this Section 7.1. 
 7.1.1 (a) From the
Effective Date until the Closing, Seller shall operate and maintain the Property pursuant to Seller’s customary procedures consistent with the manner in which Seller has operated and maintained the Property during Seller’s ownership so as
to keep the Property in good order and repair in a good and workmanlike manner. From the Effective Date until the Closing, Seller shall continue to market the Property to prospective tenants and enter into Leases in the ordinary course of business
at rates and terms which are not inconsistent with Seller’s policies and practices as of the Execution Date. However, Seller shall not take any of the following actions after the expiration of the Study Period without the prior written consent
of Purchaser, which consent may be give or withheld in Purchaser’s sole discretion: 
  

	 	(i)	make or permit to be made any material alterations to or upon the Property except as required under Section 7.2 hereof; 

  

	 	(ii)	enter into any contracts for the provision of services and/or supplies to the Property which are not terminable without premium or penalty by Purchaser upon thirty (30) days’ prior written notice following the
Closing, or amend or modify the Contracts in any manner, unless such Contract as amended may be terminated without premium or penalty upon thirty (30) days’ prior written notice, or knowingly fail to timely perform its material obligations
under the Contracts (provided that in the case of emergency or other exigent circumstances, Seller shall have the right to enter into contracts to perform repairs or replacements without Purchaser’s consent); 


 

	 	(iii)	encumber the Property or any interest therein; or 

  

	 	(iv)	settle, compromise, withdraw or terminate any real estate tax appeal or proceeding affecting the Property other than any relating solely to periods prior to calendar year 2015 (which Seller retains the full and
unfettered right to settle or compromise, and any refunds applicable to such period shall belong solely to Seller). 

 Prior to the expiration
of the Study Period, Seller shall have the right to take any of the aforesaid actions without obtaining Purchaser’s consent thereto, but Seller shall keep Purchaser reasonably informed as to material actions Seller has taken or proposes to
take. 
 (b) Whenever in this Section 7.1.1 Seller is required to obtain Purchaser’s consent with respect to any proposed
action or transaction, Purchaser shall, within five (5) Business Days after receipt of Seller’s receipt of request therefor, notify Seller of its approval or disapproval of same and, if Purchaser fails to notify Seller in writing of its
disapproval within said five (5) Business Day period, Purchaser shall be deemed to have disapproved same. 

  
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 7.1.2 Prior to the expiration of the Study Period, Purchaser shall review the Contracts to
determine, among other things, whether such Contracts are terminable, and to determine whether Purchaser desires to assume any of such Contracts. Not later than five (5) Business Days prior to the expiration of the Study Period, Purchaser shall
deliver a notice to Seller setting forth which of such Contracts, if any, that Purchaser elects to have Seller terminate. Seller shall promptly deliver notices of termination canceling such Contracts as Seller is timely notified of by Purchaser and
Purchaser shall have no obligation with respect to such cancelled Contracts after the Closing Date. At Closing, Seller shall assign to Purchaser, and Purchaser shall assume, the Contracts (as identified on Schedule 1.8 hereto) which
Purchaser does not elect to terminate pursuant to the Bill of Sale and Assignment and Assumption Agreement. 
 7.1.3 Unless and until this
Agreement is terminated pursuant to the terms hereof, Seller will not solicit any offers to sell the Property or make or accept any offers to sell the Property or any part thereof to anyone other than Purchaser, its successors and assigns, engage in
any negotiations with any third party with respect to the sale or other disposition of the Property or any part thereof with anyone other than Purchaser, its successors or assigns, or enter into any contracts or agreements (whether binding or not)
regarding any disposition of the Property or any part thereof with anyone other than Purchaser. 
 7.2 Governmental Notices. Promptly
after receipt, Seller shall provide Purchaser with copies of any written notices that Seller receives with respect to (i) any special assessments or proposed increases in the valuation of the Property; (ii) any condemnation or eminent
domain proceedings affecting the Property; or (iii) any violation of any Environmental Law or any zoning, health, fire, safety or other law, regulation or code applicable to the Property. In addition, Seller shall deliver or cause to be
delivered to Purchaser, promptly upon receipt thereof by Seller, copies of any written notices of default given or received by Seller under any of the Leases. 

7.3 Litigation. Seller will advise Purchaser promptly of any litigation, arbitration proceeding or administrative hearing that
materially affects Seller or the Property and that is instituted after the Effective Date. 
 7.4 Tradenames and Service Marks. 

7.4.1 Purchaser hereby acknowledges and agrees that the name “Crescent”, any other trade name or service mark which includes the
word “Crescent” or any other trade name or service mark of Seller or its members (hereinafter collectively referred to as the “Marks”), and each of them, are trade names and service marks of Crescent Communities, LLC; that
the Marks, and each of them, are the sole and exclusive property of Crescent Communities, LLC, which owns all right, title, and interest in and to the Marks, and each of them; and that, by this Agreement, Purchaser shall acquire no ownership right
or interest of any kind in or to the Marks, or any of them. Purchaser further acknowledges and agrees that any use by Purchaser of the Marks, or any of them, in any manner in connection with the Property or otherwise, will result in immediate and
irreparable injury to Seller and its affiliates, including, Crescent Communities, LLC, and that Seller and/or its affiliates, including, Crescent Communities, LLC, shall be entitled to temporary, preliminary, and permanent injunctive relief against
Purchaser in the event of any such use of the Marks, or any of them, by Purchaser, or in the event of any other violation by Purchaser of this Section 7.4.1. Purchaser may continue to use “Cool Springs” in the name of the Property
after Closing provided Purchaser does not use the “Crescent” name or any of the Marks; provided, however, nothing contained herein shall be deemed to be a warranty of Seller’s or Purchaser’s right to use such names.

 7.4.2 Purchaser agrees to remove the “Crescent” name from the Property after Closing, including changes in signage, lease
forms, and the like. Purchaser agrees to attach a substantial, temporary 

  
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sign over the existing “Crescent” name or logo on all sign(s) within three (3) Business Days after Closing so that the word “Crescent” will not be visible. Purchaser
shall keep such temporary signage in place until Purchaser installs permanent replacements of such signage, and Purchaser shall install such permanent replacement signage on or before the date that is thirty (30) days after Closing. All other
signage on the Property containing the Crescent name or any of the Marks shall be promptly removed or replaced, but in any event, on or before the date that is thirty (30) days after Closing. 

7.4.3 This Section 7.4 shall survive the Closing. 

7.5 Post-Closing Property Maintenance Obligations. The Parties acknowledge that Seller has caused certain surety and maintenance bonds
and/or letters of credit (as may be amended, extended, increased, reduced or replaced from time to time, the “Maintenance Bonds”) to be issued to the City of Franklin, Tennessee as security for certain obligations of Seller to
maintain, for a limited period of time, (i) streets (including access), storm drainage and sidewalks; and (ii) onsite and offsite landscaping (the “Maintenance Obligations”). Seller (or an affiliate) shall be required to
maintain the Maintenance Bonds in place until complete satisfaction of the Maintenance Obligations and release of the Maintenance Bonds by the City of Franklin, Tennessee, at which time Seller’s obligation to perform the Maintenance Obligations
shall terminate. The parties agree as follows with respect to the Maintenance Obligations and Maintenance Bonds: 
 7.5.1 Seller and
Seller’s agents and contractors shall have access to the Property, and shall have the right to perform the Maintenance Obligations, on business days and Saturdays, between the hours of 8:00 a.m. and 6:00 p.m. local time. Each time Seller, its
agents and contractors, enter upon the Property, such entrant shall check in with the on-site property manager prior to commencing any work with respect to the Maintenance Obligations. Prior to Seller and Seller’s agents and contractors
entering the Property, Seller shall provide Purchaser with certificates of insurance showing that Seller and its agents and contractors have obtained commercial general liability insurance in amounts reasonably acceptable to Purchaser; provided that
Seller shall only be required to provide such certificates of insurance for those parties actually accessing the Property. 
 7.5.2 Except
as provided in Section 7.5.3, all expenses incurred by Seller in connection with the Maintenance Obligations shall be paid by Seller (or its affiliate), and Seller shall indemnify, defend and hold harmless Purchaser from and against any loss,
cost, damage, liability or expense incurred by Purchaser relating to the Maintenance Obligations and/or Seller’s failure to perform the Maintenance Obligations or pay any expenses relating thereto, and arising from Seller’s and
Seller’s agents’ and contractors’ entry on the Property and their actions or inactions thereon. 
 7.5.3 So long as the
Maintenance Obligations are outstanding, Purchaser agrees to use good faith efforts operate the Property at all times in a manner that would not cause Seller (or its affiliate) to incur the Maintenance Obligations. Notwithstanding anything to the
contrary in this Agreement, Purchaser shall indemnify, defend and hold harmless Seller from and against any loss, cost, damage, liability or expense incurred by Seller (i) in connection with any Maintenance Obligations of Seller that relate
solely to onsite landscaping at the Property; and (ii) with respect to all Maintenance Obligations that do not relate solely to onsite landscaping at the Property, arising out of the negligent or willful act or omission of Purchaser, its
agents, employees, contractors, tenants, licensees or representatives. 
 7.5.4 Purchaser shall cooperate as reasonably requested by Seller
(or its affiliate), including the scheduling of inspections by governmental officials, so as to facilitate the timely satisfaction of all Maintenance Obligations and release of all Maintenance Bonds. 

7.5.5 This Section 7.5 shall survive the Closing. 

  
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 ARTICLE 8 CONDITIONS PRECEDENT TO CLOSING 

8.1 Conditions Precedent to Purchaser’s Obligation to Close. Purchaser’s obligation to purchase the Property is subject to
satisfaction on or before the Closing Date (as such date may be extended as provided herein) of the following conditions, any of which may be waived in writing by Purchaser in Purchaser’s sole and absolute discretion. 

8.1.1 Seller shall have performed and observed, in all material respects, all covenants and obligations of Seller under this Agreement to be
performed or complied with by it prior to or at Closing, including the delivery of the documents for Closing set forth in Section 9.2. 

8.1.2 Subject to the provisions of Section 8.4 below, all representations and warranties of Seller set forth in this Agreement
shall be true and correct in all material respects as if made on the Closing Date. 
 8.1.3 The Title Company shall be committed to issue,
at Closing, upon payment of the premium therefor, the owner’s extended coverage policy of title insurance as described in the Title Commitment, dated the date that the Deed is recorded, insuring Purchaser’s fee simple title to the
Property, with coverage in the amount of the Purchase Price, title the Property is vested in Purchaser subject only to the Permitted Exceptions, and insuring the gap period, if any, between the Closing Date and the recording of the Deed. 

8.2 Conditions Precedent to Seller’s Obligation to Close. Seller’s obligation to sell the Property is subject to
satisfaction, on or before the Closing Date (as such date may be extended as provided herein) of the following conditions, any of which may be waived in writing by Seller, in Seller’s sole and absolute discretion: 

8.2.1 Purchaser shall have performed and observed, in all material respects, all covenants and obligations of Purchaser under this Agreement.

 8.2.2 All representations and warranties of Purchaser set forth in this Agreement shall be true and correct in all material respects as
if made on the Closing Date. 
 8.3 Failure of a Condition 

8.3.1 In the event that any condition precedent to Closing has not been satisfied on or before the Closing Date, then the party whose
conditions to Closing have not been satisfied (the “Unsatisfied Party”) shall give notice to the other party of the condition or conditions which the Unsatisfied Party asserts are not satisfied. If the conditions specified in such
notice are not satisfied within ten (10) Business Days after receipt of such notice, then the party whose condition precedent was not satisfied may terminate this Agreement, whereupon neither party shall have any further rights or obligations
hereunder (other than any obligations of either party that expressly survive termination) and the Deposit shall be returned to Purchaser; provided, however, that if such failure of a condition is due to a default by one of the parties, the
disposition of the Deposit shall be governed solely by Article 11 of this Agreement and not by this Section 8.3.1. Notwithstanding anything contained herein to the contrary, if any of the conditions precedent to Purchaser’s
obligation to close, as set forth in Section 8.1 of this Agreement, are not satisfied within the ten (10) Business Day period specified above and the same are reasonably susceptible of being cured, Seller shall have the right to extend
such period in which to satisfy the unsatisfied condition for a period of up to ten (10) additional days, by giving notice thereof to Purchaser within such ten (100 Business Day period. Further, Purchaser shall have the right to waive the
unsatisfied condition or conditions, by notice to Seller within five (5) Business Days after expiration of the applicable satisfaction period, without satisfaction having occurred, in which event the Closing Date shall be the date which is five
(5) Business Days after Seller’s receipt of Purchaser’s waiver notice. 
 8.3.2 If the transaction contemplated by this
Agreement closes, the parties shall be deemed to have waived any and all unmet or unsatisfied conditions, other than any unmet or unsatisfied conditions arising out of a breach by either party of any of its representations and warranties hereunder
of which the other party has no knowledge as of Closing. 

  
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 8.4 Representations and Warranties. All representations and warranties made by Seller in
this Agreement shall be true and correct in all material respects as of the Closing Date; provided, however, that if on the Closing Date any such representations and warranties are not true and correct in all material respects or Seller has not
performed any material covenants required to be performed by Seller pursuant to this Agreement, Purchaser shall in any event be required to close hereunder and pay the Purchase Price to Seller without any reduction or credit unless the breach of any
representations and warranties or covenants will have, in the aggregate, a “material adverse effect” and in such event, Seller shall be entitled, at its option and in its sole discretion, to credit to Purchaser the amount necessary to cure
the representation and warranty in which event Purchaser shall be required to close hereunder. In the event that the Seller’s breach of the representations and warranties have a material adverse effect and Seller does not agree to provide a
credit to Purchaser in the amount necessary to cure the breach, Purchaser shall have the right to terminate this Agreement. If Purchaser elects to terminate this Agreement, Purchaser shall give notice to Seller thereof, the Deposit shall be returned
to Purchaser, and thereafter neither party will have any further rights or obligations hereunder, except for any obligations that expressly survive termination. As used herein, a “material adverse effect” shall be deemed to have occurred
if by reason of such misrepresentation or breach of covenant such inaccuracy has an adverse effect on the value of the Property in excess of Fifty Thousand Dollars ($50,000.00), or (y) affects the ability of Seller to consummate the
transactions contemplated hereby in accordance with the terms of this Agreement. 
 ARTICLE 9 CLOSING 

9.1 Closing Date. The consummation of the transaction contemplated hereby (the “Closing”) will take place at the
office of Escrow Agent, via an escrow closing, on October 8, 2015 (with time being of the essence with respect thereto), or such earlier date as Seller and Purchaser may mutually agree upon in writing (the “Closing Date”);
provided, however, Purchaser shall use commercially reasonable efforts to consummate the Closing no later than September 30, 2015. Purchaser and Seller agree to finalize and execute all documents necessary for the consummation of the
transaction contemplated herein, including but not limited to the settlement statement, and to deliver all such documents to the Title Company in escrow not later than the end of the Business Day immediately preceding the Closing Date in order to
ensure the orderly and timely transfer of all funds necessary for Closing by not later than 2:00 p.m. (Eastern time) on the Closing Date. 

9.2 Seller’s Obligations at the Closing. At the Closing, Seller will do, or cause to be done, the following: 

9.2.1 Closing Documents. Seller shall execute, acknowledge (if necessary) and deliver originals of the following documents: 

9.2.1.1 Special Warranty Deed in the form of Exhibit C hereto (the “Deed”), Seller and Purchaser
agreeing that the Deed will contain a Restriction Against Condominium Conversion in the form of Exhibit B to the Deed; 

9.2.1.2 Bill of Sale in the form of Exhibit D hereto; 

  
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 9.2.1.3 Assignment and Assumption Agreement in the form of Exhibit E
hereto; 
 9.2.1.4 Letters to each tenant under the Leases in the form of Exhibit F hereto, notifying tenants of
the conveyance of the Property to Purchaser and advising them that, following the Closing Date, all future payments of rent are to be made in the manner set forth therein; 

9.2.1.5 Letter to each of the contractors under the Contracts assumed by Purchaser advising each of the service providers under
such Contracts of the sale of the Property to Purchaser. 
 9.2.1.6 Settlement statement showing all of the payments,
adjustments and prorations provided in Section 9.5 and otherwise agreed upon by Seller and Purchaser; 
 9.2.1.7
A rent roll for the Property dated as of the Closing Date, and certified, to Seller’s knowledge, as true, correct and complete in all material respects as of the date thereof by Seller; 

9.2.1.8 Subject to Section 8.4, a certificate stating that each of Seller’s representations and warranties
contained in this Agreement is true and correct in all material respects as of the Closing Date; 
 9.2.1.9 Seller shall
execute and deliver to Purchaser a certificate of nonforeign status, in the form of the Certificate of Nonforeign Status; 

9.2.1.10 A duly executed affidavit in a form customarily used for commercial real estate transactions in the State of Tennessee
and which is acceptable to the Title Company, showing among other things that all debts for labor and materials in respect of the Property incurred by or on behalf of Seller have been paid in full and that there are no outstanding claims, suits,
debts, rights of occupancy, encumbrances, liens or judgments against the Property, except matters approved or waived by Purchaser pursuant to Article III hereof in order to delete the standard exceptions set forth in the Title Commitment so
that Purchaser may obtain an extended coverage ALTA 2006 owner’s policy. 
 9.2.1.11 Such evidence as is reasonably
required by the Title Company evidencing the authority of Seller and those individuals acting on behalf of Seller to enter into this Agreement and consummate the transaction contemplated herein. 

9.2.1.12 Such real property excise tax affidavits and any and all forms, affidavits and certificates required to be filed in
connection with the imposition and/or payment of any and all applicable federal, state, county, municipal and other transfer taxes in connection with conveyance of the Property, in proper form for submission. and 

9.2.1.13 Copies of notices of termination of such other service agreements and contracts that Purchaser elected to have
terminated in accordance with Section 7.1.2. 
 9.2.2 Original Property Information Documents. Seller will deliver to
Purchaser originals within Seller’s possession of all items constituting the Property Information referenced in Article 4. 

9.2.3 Possession. Seller will deliver to Purchaser possession of the Property, subject to the Leases. 

9.2.4 Keys. Seller will deliver to Purchaser all keys for the Property in the possession or subject to the control of Seller,
including, without limitation, master keys as well as combinations, card keys and cards for the security systems, if any. 
 9.2.5
Costs. Seller will pay all costs allocated to Seller pursuant to Section 9.5 of this Agreement. 

  
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 9.3 Purchaser’s Obligations at the Closing. At the Closing, Purchaser will do, or
cause to be done, the following: 
 9.3.1 Closing Documents. At Closing, Purchaser shall execute, acknowledge (if necessary) and
deliver originals of the following documents: 
 9.3.1.1 Bill of Sale in the form of Exhibit D hereto; 

9.3.1.2 Assignment and Assumption Agreement in the form of Exhibit E hereto; 

9.3.1.3 Settlement statement showing all of the payments, adjustments and prorations provided for in Section 9.5
and otherwise agreed upon by Seller and Purchaser; 
 9.3.1.4 Such evidence as may be reasonably required by the Title
Company with respect to the authority of the person(s) executing the documents required to be executed by Purchaser on behalf of Purchaser; and 

9.3.1.5 A certificate stating that each of Purchaser’s representations and warranties contained in this Agreement is true
and correct. 
 9.3.2 Payment of Consideration. Purchaser shall pay to Escrow Agent by bank wire transfer of immediately available
funds at Closing the Purchase Price in accordance with Article 2 of this Agreement (subject to the credits, prorations and adjustments provided hereby). The net closing proceeds due to Seller shall be wire transferred to such account or
accounts as Seller may designate, and actually received in such account or accounts, not later than 2:00 p.m. (Eastern time) on the Closing Date (the “Wiring Deadline”), with time being strictly of the essence with respect thereto.

 9.3.3 Costs. Purchaser will pay all costs allocated to Purchaser pursuant to Section 9.5 of this Agreement. 

9.4 Escrow. The delivery of the documents and the payment of the sums to be delivered and paid at the Closing shall be accomplished
through an escrow with the Escrow Agent. 
 9.5 Costs and Adjustments at Closing. 

9.5.1 Expenses. Seller shall pay (a) the fees of any counsel representing Seller in connection with this transaction,
(b) one-half (1/2) of the escrow fee charged by Escrow Agent, (c) all charges and costs for all title examinations, title commitments and premiums for base owner’s title insurance policies, excluding the costs of any endorsements
and (d) the recording charges for the deed and any other documents to clear title. Purchaser shall pay (i) the fees of any counsel representing Purchaser in connection with this transaction, (ii) documentary stamp or transfer taxes
for recording the deed conveying the Property to Purchaser; (iii) costs and expenses related to the Survey, (iv) the costs and expenses related to all of Purchaser’s due diligence studies and investigations, (v) one-half
(1/2) of the escrow fee charged by Escrow Agent, (vi) all costs related to Purchaser’s financing of the Property (including, but not limited to, documentary stamp taxes and non-recurring intangible taxes in connection therewith), if
applicable, and (vii) all charges and costs for any endorsements to the title insurance policies obtained by Purchaser and the costs of any lender’s title insurance policy obtained by Purchaser. Any other costs or expenses incident to this
transaction and the closing thereof not expressly provided for above shall be allocated between and paid by the parties in accordance with custom and practice in Williamson County, Tennessee. 

  
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 9.5.2 Real Estate and Personal Property Taxes. Real estate, personal property and ad
valorem taxes for the year in which the Closing occurs will be prorated between Seller and Purchaser as of the Apportionment Time (as hereinafter defined) on the basis of actual bills therefor, if available. If such bills are not available, then
such taxes and other charges shall be prorated on the basis of the most currently available tax bills and, thereafter, promptly re-prorated upon the availability of actual bills for the applicable period and either Seller or Purchaser may demand at
any time after Closing Date a payment from the other party correcting such malapportionment and the other party shall make payment within thirty (30) days of demand. Any and all rebates or reductions in taxes received subsequent to Closing for
the calendar year in which Closing occurs, net of costs of obtaining the same (including without limitation reasonable attorneys’ fees) and net of any amounts due to tenants, shall be prorated as of the Apportionment Time, when received. The
current installment of all special assessments, if any, which are a lien against the Property at the time of Closing and which are being or may be paid in installments shall be prorated as of the Apportionment Time. As used herein, the term
“Apportionment Time” shall mean 11:59 p.m. Eastern time on the date immediately prior to the Closing Date. 
 9.5.3
Lease Security Deposits. At Closing, Seller shall pay to Purchaser, as a credit against the Purchase Price, an amount equal to all security deposits and other deposits held by Seller under the Leases (together with accrued interest thereon
required by law or by the terms of the Leases), and thereafter Purchaser shall be solely obligated for the return of such security deposits and other deposits. 

9.5.4 Rents. All rents and other costs or charges paid by tenants under the Leases shall be prorated as of the Apportionment Time, to
the extent actually collected by Seller. With respect to any rent or charges that are delinquent prior to Closing, Purchaser shall use commercially reasonable efforts to collect such delinquent sums for a period of sixty (60) days. Purchaser
shall promptly remit to Seller any rent or payments for any charges received by Purchaser subsequent to Closing which are attributable to periods prior to Closing; provided, however, that such amounts received from tenants after Closing will first
be applied to such charges as are then due and then applied in their reverse order of accrual until applied in full. 
 9.5.5
Utilities. Water, sewer, electric, fuel (if any) and other utility charges, other than those for which tenants under Leases are responsible directly to the provider, shall be prorated as of the Apportionment Time. If consumption of any of the
foregoing is measured by meter, Seller shall, prior to the Closing Date, endeavor to obtain a reading of each such meter and a final bill as of the Closing Date. If there is no such meter or if the bill for any of the foregoing shall have not been
issued as of the Closing Date, the charges therefor shall be adjusted as of the Apportionment Time on the basis of the charges of the prior period for which such bills were issued and shall be further adjusted between the parties when the bills for
the correct period are issued. Seller and Purchaser shall cooperate to cause the transfer of utility accounts from Seller to Purchaser. Seller shall be entitled to retain any utility security deposits to be refunded. At Closing, Purchaser shall post
substitute utility security deposits to replace those previously paid by Seller or, if the utility provider will not refund such deposits to Seller, Seller shall be reimbursed therefor by Purchaser at Closing. 

9.5.6 Contracts. All payments made or required under Contracts assumed by Purchaser shall be adjusted and apportioned as of the
Apportionment Time. 
 9.5.7 Insurance Policies. Premiums on insurance policies will not be adjusted. As of the Closing Date, Seller
will terminate its insurance coverage and Purchaser will obtain its own insurance coverage. 
 9.5.8 Rent Ready Credit. All apartment
units that are vacant on the date that is five (5) or 

  
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more days prior to the Closing Date must be placed in Rent Ready Condition by Seller prior to the Closing Date. For any unit not placed in Rent Ready Condition, Purchaser, at its sole and
exclusive remedy, shall receive a credit of $500.00 at Closing. Purchaser may, at its option but subject to Sections 5.1.2 and 5.1.5, inspect the Property within twenty four (24) hours prior to Closing to verify that such vacant
apartment units are in such Rent Ready Condition. “Rent Ready Condition” means that the applicable apartment unit shall be in the condition and state of repair that is typically provided by Seller upon delivery of first possession
of rented apartments. 
 9.5.9 Closing Statement. Not later than two (2) Business Days prior to the Closing, Seller or its
agents or designees shall prepare, and promptly thereafter, Seller and Purchaser shall jointly agree upon, a closing statement (the “Closing Statement”) that will show the net amount due either to Seller or to Purchaser as the
result of the adjustments and prorations provided for in this Agreement, and such net due amount shall be added to or subtracted from the cash balance of the Purchase Price to be paid to Seller at the Closing, as applicable. Not later than the date
that is the later of (i) one hundred eighty (180) days after the Closing Date, or (ii) thirty (30) days after real property tax bills for the year in which Closing occurs are available. Seller and Purchaser shall reprorate the
adjustments and prorations provided for herein respecting any items that were not capable of being determined as of the Closing Date or that previously were wrongfully determined and need to be corrected and the manner in which such items shall be
determined and paid. The net amount due Seller or Purchaser, if any, by reason of adjustments to the Closing Statement shall be paid in cash by the party obligated therefor within five (5) Business Days following the reproration by Seller and
Purchaser. The reproration agreed to by Seller and Purchaser not later than one hundred eighty (180) days after the Closing Date shall be conclusive and binding on the parties hereto except for any items that are not capable of being determined
at the time such reproration has been made by Seller and Purchaser and shall be conclusive and binding on the parties hereto except for any items that are not capable of being determined at that time of reproration, which items shall be determined
and paid promptly as soon as they are capable of being determined. Prior to and following the Closing Date, each party shall provide the other with such information as the other shall reasonably request (including, without limitation, access to the
books, records, files, ledgers, information and data with respect to the Property during normal business hours upon reasonable advance notice) in order to make the preliminary and final adjustments and prorations provided for herein. 

9.5.10 Survival. The provisions of this Section 9.5 shall survive Closing. 

  
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 ARTICLE 10 DAMAGE AND CONDEMNATION 

10.1 Damage. If, prior to the Closing, all or any portion of the Property is damaged by fire or any other cause whatsoever, Seller
shall promptly give Purchaser written notice of such damage. 
 10.1.1 Minor Damage. If the cost for repairing such damage is less
than One Million Dollars ($1,000,000.00) (as determined by Seller’s independent insurer), then Purchaser shall have the right at Closing to receive the amount of the deductible plus all insurance proceeds received by Seller as a result of such
loss, or an assignment of Seller’s rights to such insurance proceeds, and this Agreement shall continue in full force and effect with no reduction in the Purchase Price, and Seller shall have no further liability or obligation to repair such
damage or to replace the Property. 
 10.1.2 Major Damage. If the cost for repairing such damage exceeds One Million Dollars
($1,000,000.00) (as determined by Seller’s independent insurer), then Purchaser shall have the option, exercisable by written notice delivered to Seller within five (5) Business Days (and the Closing Date shall be extended by up to ten
(10) days if necessary to allow Purchaser time to make that determination) after Seller’s notice of damage to Purchaser, either (i) to receive the amount of the deductible plus all insurance proceeds received by Seller as a result of
such loss, or an assignment of Seller’s rights to such insurance proceeds, and this Agreement shall continue in full force and effect with no reduction in the Purchase Price, and Seller shall have no further liability or obligation to repair
such damage or to replace the Property; or (ii) to terminate this Agreement. If Purchaser elects to terminate this Agreement, Purchaser shall give notice to Seller thereof, the Deposit shall be returned to Purchaser, and thereafter neither
party will have any further rights or obligations hereunder, except for any obligations that expressly survive termination. If Purchaser fails to notify Seller within such five (5) Business Day period (and the Closing Date shall be extended by
up to ten (10) days if necessary to allow Purchaser time to make that determination) of Purchaser’s election to terminate this Agreement, then Purchaser shall be deemed to have elected option (ii), and Purchaser and Seller shall
proceed to Closing in accordance with the terms and conditions of this Agreement. 
 10.2 Condemnation and Eminent Domain. In the
event that any condemnation proceedings are instituted, or notice of intent to condemn is given, with respect to all or any portion of the Property, Seller shall promptly notify Purchaser thereof. 

10.2.1 Minor Condemnation. If the condemnation does not affect all or a material portion of the Property, then Purchaser shall
consummate the purchase of the Property without reduction of the Purchase Price, and the right to collect any condemnation award or compensation for such condemnation shall be assigned by Seller to Purchaser at Closing. For purposes of this
Section 10.2, a “material portion” of the Property shall mean (a) any portion of the buildings, (b) a portion which, after such condemnation, would cause the Property to be non-compliant with any applicable
governmental regulations, or (c) a portion which, after such condemnation would unreasonably restrict access to the Property to the public right of way. 

10.2.2 Major Condemnation. If the condemnation affects all or a material portion of the Property, then Purchaser shall have the option,
exercisable by written notice delivered to Seller within five (5) Business Days (and the Closing shall be extended by up to ten (10) days if necessary to allow Purchaser time to make that determination) after Seller’s notice of
condemnation to Purchaser to either (i) proceed to Closing in accordance with the terms and conditions of this Agreement (in which event Purchaser shall consummate the purchase of the Property without reduction of the Purchase Price, and the
right to collect any condemnation award or compensation for such condemnation shall be assigned by Seller to Purchaser at Closing), or (ii) to terminate this Agreement. If Purchaser elects to terminate this Agreement, Purchaser shall give
notice to Seller thereof, the Deposit shall be returned to Purchaser, and thereafter neither party will have any further rights or obligations hereunder, except for any obligations that expressly survive termination. 

  
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 ARTICLE 11 REMEDIES AND ADDITIONAL COVENANTS 

11.1 Seller Default At or Before Closing. If Seller is in breach or default of any of its obligations or agreements hereunder when
performance is required on or prior to the Closing Date, or if any of the representations contained in Section 6.1 should be false in any material respect (subject to the provisions of Section 8.4) and Purchaser shall become
actually aware of same on or prior to the Closing Date, then Purchaser shall give Seller written notice of such breach or default on or prior to the Closing Date and Seller shall have ten (10) Business Days from the date of receipt of such
notice to cure such breach or default and the Closing Date shall be extended accordingly. If Seller fails to cure such breach or default within such ten (10) Business Day period, then Purchaser shall have the right, at its sole option and as
its sole remedy, and Purchaser hereby waives its right to pursue any other remedy at law or in equity, and as Purchaser’s sole and exclusive remedy, Purchaser shall either (i) to terminate this Agreement by written notice to Seller and the
Escrow Agent, in which event the Deposit shall be returned to Purchaser, whereupon neither party shall have any further rights, duties or obligations hereunder other than the obligations and rights set forth herein that expressly survive the
termination of this Agreement, or (ii) to pursue specific performance of the obligations of Seller hereunder. As a condition precedent to Purchaser’s exercising any right it may have to bring an action for specific performance hereunder,
Purchaser must commence such action for specific performance within thirty (30) days after the scheduled Closing Date. Purchaser agrees that its failure to timely commence such an action for specific performance within such thirty (30) day
period shall be deemed a waiver by it of its right to commence an action for specific performance as well as a waiver by it of any right it may have to file or record a notice of lis pendens or notice of pendency of action or similar notice
against the Property. In no event shall Purchaser seek, or Seller be liable for, any damages to Purchaser, including, without limitation, punitive or consequential damages. 

11.2 Seller Default From and After Closing. Subject to the limitations set forth in Section 6.4 of this Agreement, if
Seller is in breach or default of any of its obligations or agreements hereunder that survive the Closing when performance is required, including, without limitation, any obligations or agreements under the documents delivered at Closing by Seller
pursuant to Section 9.2.1 of this Agreement, or if any of the Express Representations should be false in any material respect and Purchaser shall first become actually aware of same after the Closing Date, then Purchaser shall give
Seller written notice of such breach or default of such obligation, agreement or representation hereunder prior to the expiration of the applicable survival period of such breach or default and Seller shall have thirty (30) days from the date
of receipt of such notice to cure such breach or default. If Seller fails to cure such breach or default within such thirty (30) day period, and the reasonably estimated losses or damages sustained as a result of Seller’s failure or
inability to perform any of its obligations, agreements or Express Representations hereunder exceed Fifty Thousand and 00/100 Dollars ($50,000.00), then Seller shall be liable for the actual direct damages suffered by Purchaser due to such
uncured breach or default from the first dollar of loss. Notwithstanding anything to the contrary contained herein, (i) in no event shall Seller be liable to Purchaser for damages in an aggregate amount in excess of Six Hundred Thousand and
00/100 Dollars ($600,000.00) (the “Cap Amount”), (ii) Seller’s inability to satisfy a condition of this Agreement shall not be considered a default by Seller hereunder unless such inability results from the breach of any
of Seller’s representations set forth in Section 6.1 or the breach of Seller’s express covenants and obligations hereunder, and (iii) if Purchaser has knowledge of a default by Seller on the Closing Date and Purchaser
elects to close the transaction contemplated herein, Purchaser shall be deemed to have irrevocably waived such default and Seller shall not have any liability with respect to such default. Notwithstanding anything to the contrary contained herein,
Seller shall maintain a net worth (a) in an amount no less than the Cap Amount throughout the Survival Period and (b) for so long after as a claim is pending in an amount equal to the liquidated amount of such claim (not to exceed,
however, the Cap Amount), and such obligation shall also survive Closing through the expiration of the Survival Period and the final resolution of any claim. Notwithstanding anything contained herein to the contrary Purchaser shall have the right to
pursue an action against Seller for Purchaser’s actual damages suffered on account of a default by Purchaser under Sections 12.2, and nothing herein shall limit Purchaser’s right to seek equitable relief against Seller to enforce
the provisions of Section 15.17 of this Agreement. The provisions of this Section 11.2 shall survive Closing. 

  
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 11.3 Purchaser Default. The parties acknowledge and agree that Seller should be entitled
to compensation for any detriment suffered if Purchaser fails to consummate the purchase of the Property if and when required to do so under the terms of this Agreement, but agree that it would be extremely difficult to ascertain the extent of the
actual detriment Seller would suffer as a result of such failure. Consequently, if Purchaser fails to consummate the purchase of the Property on the Closing Date or fails to perform any of its other covenants in any material respect, or otherwise
defaults in its obligations hereunder, then Seller shall be entitled to terminate this Agreement by giving written notice thereof to Purchaser prior to or at the Closing, in which event the Deposit shall be paid to Seller as fixed, agreed and
liquidated damages, and, after the payment of the Deposit to Seller, neither Seller nor Purchaser will have any further rights or obligations under this Agreement, except for any obligations that expressly survive termination, except that Seller
shall have the right to pursue an action against Purchaser for Seller’s actual damages suffered on account of a default by Purchaser under Sections 5.1.2, 6.2, 12.2, and 15.17 of this Agreement; provided, however,
that nothing contained herein shall constitute a waiver by Seller of any damages, rights or remedies which may be available to Seller against Purchaser at law or in equity as a result of any material breach of a representation or warranty or other
material default of Purchaser hereunder (other than Purchaser’s failure to consummate the purchase of the Property on the Closing Date for which Seller shall be paid the Deposit in accordance with the immediately preceding sentence), all of
which are hereby expressly reserved by Seller; provided, however, nothing contained herein shall entitle Seller to consequential or punitive damages or any other sums in excess of Seller’s actual damages. 

11.4 Delivery of Materials. Notwithstanding anything contained in this Agreement to the contrary, if this Agreement is terminated for
any reason whatsoever, then Purchaser shall promptly deliver to Seller all Property Information provided to Purchaser by Seller, including copies thereof in any form whatsoever, including electronic form, along with any and all tests results and
studies of the Property performed by or on behalf of Purchaser pursuant to Article 5, excluding any confidential or proprietary information or financial modeling. The obligations of Purchaser under this Section 11.4 shall survive
any termination of this Agreement. 
 ARTICLE 12 BROKERAGE COMMISSION 

12.1 Brokers. Seller represents and warrants to Purchaser that Seller has not contacted or entered into any agreement with any real
estate broker, agent, finder, or any party in connection with this transaction, except for Apartment Realty Advisors of the Carolinas, Inc. (“Seller’s Broker”) and that Seller has not taken any action which would result in any
real estate broker’s or finder’s fees or commissions being due and payable to any party other than Seller’s Broker with respect to the transaction contemplated hereby. Seller will be solely responsible for the payment of Seller’s
Broker’s commission in accordance with the provisions of a separate agreement. Purchaser hereby represents and warrants to Seller that Purchaser has not contracted or entered into any agreement with any real estate broker, agent, finder, or any
party in connection with this transaction and that Purchaser has not taken any action which would result in any real estate broker’s or finder’s fees or commissions being due or payable to any party with respect to the transaction
contemplated hereby. 
 12.2 Indemnity. Each party hereby indemnifies and agrees to hold the other party harmless from and against
any loss, liability, damage, cost, or expense (including, without limitation, reasonable attorneys’ fees) paid or incurred by the other party by reason of a breach of the representation and warranty made by such party under this Article
12. Notwithstanding anything to the contrary contained in this Agreement, the indemnities set forth in this Section 12.2 shall survive the Closing or earlier termination of this Agreement. 

  
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 ARTICLE 13 NOTICES 

13.1 Written Notice. All notices, demands and requests which may be given or which are required to be given by either party to the
other party under this Agreement must be in writing. 
 13.2 Method of Transmittal. All notices, demands, requests or other
communications required or permitted to be given hereunder must be sent (i) by United States certified mail, postage fully prepaid, return receipt requested, (ii) by hand delivery, (iii) confirmed email (provided a copy of such notice
is deposited with a nationally recognized overnight courier for next Business Day delivery), or (iv) by FedEx or a similar nationally recognized overnight courier service. All such notices, demands, requests or other communications shall be
deemed to have been given for all purposes of this Agreement upon the date of receipt or refusal, except that whenever under this Agreement a notice is either received on a day which is not a Business Day or is required to be delivered on or before
a specific day which is not a Business Day, the day of receipt or required delivery shall automatically be extended to the next Business Day. 

13.3 Addresses. The addresses for proper notice under this Agreement are as follows: 

 

			
	As to Seller:	  	GGT Crescent Cool Springs TN Venture, LLC
		  	c/o Crescent Communities, LLC
		  	227 W. Trade Street
		  	Suite 1000
		  	Charlotte, NC 28202
		  	Email: bnatwick@crescentcommunities.com
		  	Attention: Brian J. Natwick, President Multifamily Division
		
	With copies to:	  	GGT Cool Springs Holdings, LLC
		  	CNL Center at City Commons
		  	450 South Orange Avenue
		  	Orlando, Florida 32801
		  	Email: mike.tetrick@cnl.com
		  	Attention: Michael Tetrick
		
		  	and:
		
		  	GGT Cool Springs Holdings, LLC
		  	CNL Center at City Commons
		  	450 South Orange Avenue
		  	Orlando, Florida 32801
		  	Email: tracey.bracco@cnl.com
		  	Attention: Tracey Bracco, Esq., Assistant General Counsel
		
		  	and:
		
		  	Holt Ney Zatcoff & Wasserman, LLP
		  	100 Galleria Parkway
		  	Suite 1800
		  	Atlanta, GA 30339
		  	Email: szatcoff@hnzw.com
		  	Attention: Sanford H. Zatcoff, Esq.


  
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		  	and:
		
		  	Lowndes, Drosdick, Doster, Kantor & Reed, P.A.
		  	450 South Orange Avenue, Suite 800
		  	Orlando, Florida 32801
		  	Email: joaquin.martinez@lowndes-law.com
		  	Attention: Joaquin E. Martinez, Esq.
		
	As to Purchaser:	  	SHLP Acquisition, LLC
		  	1100 Abernathy Road
		  	Suite 700
		  	Atlanta, Georgia 30328
		  	Email: paul.dewey@simpsonshousing.com
		  	Attention: Paul Dewey
		
	With a copy to:	  	McGuire Woods LLP
		  	1230 Peachtree Road, NE
		  	Suite 2100
		  	Atlanta, Georgia 30309
		  	Email: jgrieb@mcguirewoods.com
		  	Attention: John T. Grieb
		
	As to Escrow Agent:	  	First American Title Insurance Company
		  	Six Concourse Parkway
		  	Suite 2000
		  	Atlanta, Georgia 30328
		  	Email: twwilson@firstam.com
		  	Attention: Terry W. Wilson

 Either party may from time to time by written notice to the other party designate a different address for notices. Notices
sent to or from an address outside of the continental United States shall be sent only by one of the methods specified in clauses (ii), (iii) or (iv) of this Section 13.3. Anything contained in this Section 13.3 to
the contrary notwithstanding, all notices may be executed and sent by the parties’ counsel, and any notice given by counsel to a party shall have the same effect as if given by such party. 

ARTICLE 14 ASSIGNMENT 

Neither party shall have the right to assign this Agreement without the prior written consent of the other, which consent may be granted or
withheld in the sole and absolute discretion of the party whose consent has been requested. Seller hereby consents to an assignment at Closing by Purchaser of its interest in this Agreement to a wholly-owned subsidiary of Simpson Housing LLLP
without further evidence of such subsidiary’s financial capability to consummate Closing hereunder, provided that such subsidiary shall assume, in writing (by execution of an assignment and assumption agreement reasonably satisfactory to
Seller), all of Purchaser’s obligations under this Agreement. 

  
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 ARTICLE 15 MISCELLANEOUS 

15.1 Entire Agreement. This Agreement embodies the entire agreement between the parties and cannot be varied except by the written
agreement of the parties and supersedes all prior agreements and undertakings. 
 15.2 Modifications. This Agreement may not be
modified except by the written agreement of the parties. 
 15.3 Gender and Number. Words of any gender used in this Agreement will
be construed to include any other gender and words in the singular number will be construed to include the plural, and vice versa, unless the context requires otherwise. 

15.4 Captions. The captions used in connection with the Articles, Sections and Subsections of this Agreement are for convenience only
and will not be deemed to expand or limit the meaning of the language of this Agreement. 
 15.5 Successors and Assigns. This
Agreement will be binding upon and inure to the benefit of the parties hereto and their respective legal representatives, successors and permitted assigns. 

15.6 Controlling Law. This Agreement will be construed under, governed by and enforced in accordance with the laws of the State of
Tennessee (without reference to conflicts of laws principles). 
 15.7 Exhibits. All exhibits, attachments, schedules, annexed
instruments and addenda referred to herein will be considered a part hereof for all purposes with the same force and effect as if set forth verbatim herein. 

15.8 No Rule of Construction. Seller and Purchaser have each been represented by counsel in the negotiations and preparation of this
Agreement; therefore, this Agreement will be deemed to be drafted by both Seller and Purchaser, and no rule of construction will be invoked respecting the authorship of this Agreement. 

15.9 Severability. In the event that any one or more of the provisions contained in this Agreement (except the provisions relating to
Seller’s obligations to convey the Property and Purchaser’s obligation to pay the Purchase Price, the invalidity of either of which shall cause this Agreement to be null and void) are held to be invalid, illegal, or unenforceable in any
respect, such invalidity, illegality, or unenforceability will not affect any other provisions hereof, and this Agreement shall be construed as if such invalid, illegal, or unenforceable provision had not been contained herein, provided, however,
that the parties hereto shall endeavor in good faith to rewrite the affected provision to make it (i) valid, and (ii) consistent with the intent of the original provision. 

15.10 Time of Essence. Time is important to both Seller and Purchaser in the performance of this Agreement, and both parties have
agreed that TIME IS OF THE ESSENCE with respect to any date set out in this Agreement. 
 15.11 Business Days. “Business
Day” means any day on which business is generally transacted by banks in the State of Tennessee. If the final date of any period which is set out in any paragraph of this Agreement falls upon a day which is not a Business Day, then, and in
such event, the time of such period will be extended to the next Business Day. 
 15.12 No Memorandum. Purchaser and Seller agree not
to record this Agreement or any memorandum hereof. 

  
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 15.13 Press Releases. Prior to Closing, any release to the public of information with
respect to the sale contemplated herein or any matters set forth in this Agreement will be made only in the form approved by Purchaser and Seller except for any disclosure that may be required by law or applicable regulation to be made to any
applicable governmental or quasi-governmental authorities or to the public. After the Closing has occurred, Seller and Purchaser shall each have the right to issue a press release regarding consummation of the transactions contemplated in this
Agreement. 
 15.14 Attorneys’ Fees and Costs. In the event either party is required to resort to litigation to enforce its
rights under this Agreement, the non-prevailing party in such litigation shall pay the costs, expenses and attorneys’ fees incurred by the prevailing party in connection with such action. 

15.15 Counterparts and Expiration of Offer. This Agreement may be executed in multiple counterparts which shall together constitute a
single document. However, this Agreement shall not be effective unless and until all counterpart signatures have been obtained. An unsigned draft of this Agreement shall not be considered an offer by either party to purchase or sell the Property.

 15.16 Waiver of Jury Trial. EACH PARTY HEREBY WAIVES TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY
EITHER PARTY IN CONNECTION WITH ANY MATTER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT, THE RELATIONSHIP OF SELLER AND PURCHASER HEREUNDER, PURCHASER’S OWNERSHIP OR USE OF THE PROPERTY, AND/OR ANY CLAIMS OF INJURY OR DAMAGE
RELATED TO THE PROPERTY. 
 15.17 Confidentiality 

15.17.1 Except as provided otherwise in this Section 15.17, Purchaser and Seller, for the benefit of each other, hereby agree that
neither of them will release or cause or permit to be released to the public any press notices, publicity (oral or written) or advertising promotion relating to, or otherwise publicly announce or disclose or cause or permit to be publicly announced
or disclosed, in any manner whatsoever, the terms, conditions or substance of this Agreement or the transactions contemplated herein, without first obtaining the consent of the other party hereto, which may be granted or withheld in the sole
discretion of the other party. However, each party consents to any disclosure of this Agreement which the other party reasonably believes is required by law, by the public disclosure obligations required by the U.S. Securities Exchange Commission,
or which is recommended in good faith by counsel to such other party. 
 15.17.2 It is understood that the foregoing shall not preclude any
party from discussing the substance or any relevant details of the transactions contemplated in this Agreement on a confidential basis with any of its partners, members, advisors, attorneys, accountants, professional consultants, financial advisors,
rating agencies, or potential lenders, as the case may be, or prevent any party hereto from complying with applicable laws, including, without limitation, governmental regulatory, disclosure, tax and reporting requirements. Notwithstanding the
foregoing, Purchaser shall have the right to deliver such information to Purchaser’s potential investors and potential lenders, in each case on a need-to-know basis after the recipients have been informed of the confidential nature of such
information and directed not to disclose such information except in accordance with this Section 15.17. The aforementioned shall not preclude the disclosure to potential investors of the proposed purchase price, the net operating income
of the Property and the approximate rate of return on the investment. 
 15.17.3 In addition to any other remedies available to Seller and
Purchaser, Seller and Purchaser shall each have the right to seek equitable relief, including, without limitation, injunctive relief or specific performance, against the other party or its representatives in order to enforce the provisions of this
Section 15.17. 
 15.17.4 Notwithstanding any other provision of this Agreement, the provisions of Section 15.17
shall survive the termination of this Agreement for one (1) year following the Effective Date, but shall not survive Closing. 

  
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 15.18 Jurisdiction and Service of Process. The parties hereto agree to submit to personal
jurisdiction in the State of Tennessee in any action or proceeding arising out of this Agreement and, in furtherance of such agreement, the parties hereby agree and consent that without limiting other methods of obtaining jurisdiction, personal
jurisdiction over the parties in any such action or proceeding may be obtained within or without the jurisdiction of any court located in the State of Tennessee and that any process or notice of motion or other application to any such court in
connection with any such action or proceeding may be served upon the parties by certified mail to or by personal service at the last known address of the parties, whether such address be within or without the jurisdiction of any such court. The
provisions of this Section 15.18 shall survive the Closing or the termination hereof. 
 15.19 Exculpation. Purchaser
agrees that it does not have and will not have any claims or causes of action against the Seller Knowledge Individual or any disclosed or undisclosed officer, director, employee, trustee, shareholder, member, manager, partner, principal, parent,
subsidiary or other affiliate of Seller, or any officer, director, employee, trustee, shareholder, partner or principal of any such parent, subsidiary or other affiliate (collectively, “Seller’s Affiliates”), arising out of or
in connection with this Agreement or the transactions contemplated hereby. Purchaser agrees to look solely to Seller and its assets for the satisfaction of any liability or obligation arising under this Agreement or the transactions contemplated
hereby, or for the performance of any of the covenants, warranties or other agreements contained herein, and further agrees not to sue or otherwise seek to enforce any personal obligation against any of Seller’s Affiliates with respect to any
matters arising out of or in connection with this Agreement or the transactions contemplated hereby. Without limiting the generality of the foregoing provisions of this Section 15.19, Purchaser hereby unconditionally and irrevocably
waives any and all claims and causes of action of any nature whatsoever it may now or hereafter have against Seller’s Affiliates, and hereby unconditionally and irrevocably releases and discharges Seller’s Affiliates from any and all
liability whatsoever which may now or hereafter accrue in favor of Purchaser against Seller’s Affiliates, in connection with or arising out of this Agreement or the transactions contemplated hereby. The provisions of this
Section 15.19 shall survive the termination of this Agreement and the Closing. 
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the parties have executed this Purchase and Sale Agreement as of the date
first written above. 
  

							
	SELLER:
	
	GGT CRESCENT COOL SPRINGS TN VENTURE, LLC, a Delaware limited liability company
		
	By:	 	Crescent Cool Springs Venture, LLC, a Delaware limited liability company, its Operating Member
			
		 	By:	 	Crescent Communities, LLC, a Georgia limited liability company, its sole manager
				
		 		 	By:	 	 /s/ Brian J. Natwick

		 		 		 	Brian J. Natwick, President-Multifamily Division
	
	PURCHASER:
	
	SHLP ACQUISITION, LLC, a Delaware limited liability company
		
	By:	 	Simpson Housing LLLP, a Delaware limited liability limited partnership
			
		 	By:	 	Colomba LLC, a Delaware limited liability company
				
		 		 	By:	 	 /s/ Scott. D. Healy

		 		 	Name:	 	Scott D. Healy
		 		 	Title:	 	Senior Vice President



  
 28 








 EXHIBIT A 

LEGAL DESCRIPTION 

Intentionally Omitted 
 EXHIBIT
B 
 ESCROW AGREEMENT 

Intentionally Omitted 

EXHIBIT C 
 FORM
OF SPECIAL WARRANTY DEED 
 Intentionally Omitted 

EXHIBIT A 

PERMITTED EXCEPTIONS 

Intentionally Omitted 

EXHIBIT “B” 

TO SPECIAL WARRANTY DEED 

RESTRICTIONS AGAINST CONDOMINIUM CONVERSION 

Intentionally Omitted 
 EXHIBIT
A 
 PERMITTED EXCEPTIONS 

Intentionally Omitted 

EXHIBIT D 
 FORM
OF BILL OF SALE 
 Intentionally Omitted 

EXHIBIT A 
 REAL
PROPERTY DESCRIPTION 
 Intentionally Omitted 







 EXHIBIT B 

PERSONAL PROPERTY DESCRIPTION 

Intentionally Omitted 

EXHIBIT E 
 FORM
OF ASSIGNMENT AND ASSUMPTION AGREEMENT 
 Intentionally Omitted 

EXHIBIT A 
 Real
Property Description 
 Intentionally Omitted 

EXHIBIT B 
 Leases,
Licenses and Security Deposits 
 Intentionally Omitted 

EXHIBIT C 
 Contracts

 Intentionally Omitted 

EXHIBIT F 
 FORM OF
TENANT NOTIFICATION LETTER 
 Intentionally Omitted 

SCHEDULE 1.3 

PERSONAL PROPERTY LIST 

Intentionally Omitted 

SCHEDULE 1.4 
 RENT
ROLL 
 Intentionally Omitted 







 SCHEDULE 1.5 

LICENSES 
 NONE 

SCHEDULE 1.8 

CONTRACTS 
 Intentionally
Omitted 
 SCHEDULE 6.1.3 

LITIGATION 
 NONE 

SCHEDULE 6.1.8 

VIOLATIONS OF LAW 
 NONE